![]() Once you’ve chosen a mortgage, the first, and simplest, step is getting a mortgage agreement in principle (AIP). Getting a mortgage agreement in principle Timeline: instant How long this takes depends on speed of appointments and how many lenders you are approaching. Alternatively, you may choose to go direct to the lender, either by making an appointment in branch, over the phone or review options on lender websites. It is possible to find a mortgage yourself such as by using comparison sites but it can be a time-consuming process and you won’t be getting mortgage advice. And their expert knowledge means they’ll be able to match you to the lender that’s most likely to accept your application. Plus, some mortgages are only available via brokers so you may get more choice of deals too. Then they’ll go away and find the best mortgage deals for you before contacting you and explaining your options. If you do this, you’ll have a fact-finding call with the mortgage broker where they’ll as you about your circumstances. The easiest and fastest way to do this is to use a fee-free broker. One of the most important steps when it comes to taking out a mortgage is making sure you get the best mortgage. Finding the best mortgage Timeline: 1 day Speak to our award-winning fee free mortgage brokers at L&C now Mortgage Application Process Timeline 1. The lender will then want to conduct a mortgage valuation to ensure this is a sound investment to lend on (this is usually a desk based valuation and is not to be confused with a house survey which you might want to get to check the condition of the property). Details of the estate agent you are buying through.Details of your solicitor who’ll be working on your behalf to carry out the transaction. ![]() Proof of deposit ( a gifted deposit from parents needs to be backed up with their bank statement and letter confirming it is a gift).If you’re applying for a mortgage, make sure you’re on the electoral role Details of your outgoings, including childcare costs, so the broker can assess your financial commitments.3 months of pay slips, bank statements, last P60 and/or self-assessment returns (if self-employed) to verify your earnings.There is a range of information the lender will have to check, so make sure you have the following to hand to speed up the process: ![]() You’re probably wondering why getting a mortgage takes so long. Read on for the other stages involved and how long it takes to get from here to a formal mortgage offer.įind a mortgage Why does a mortgage application take so long? But it’s only one step in getting the all important mortgage offer. This states what a lender is likely to lend you based on information you give them online or over the phone about your income and a credit score. The good news is, you can get an indication of how much you can borrow and even a “ mortgage agreement in principle” almost instantly. But it can take longer, depending on your circumstances. How long does it take to get a mortgage?Īfter having an offer accepted on a property and applying for a mortgage, it can typically take from two to four weeks to get a mortgage approved. If you’re buying a home, you’re probably asking how long does it take to get a mortgage? We explain how long each stage takes from finding the best mortgage to getting your mortgage offer approved, as well as how long a mortgage offer lasts for, what factors can delay your application and how to speed things up. ![]()
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